The US Treasury Department reiterated last week the Joe Biden government’s intentions to apply new tax rules to cryptocurrency transactions and related activities.

Among the measures, “the illegalization of wash-trading and the imposition of a special tax on electricity costs for cryptominers” have been mentioned.

The measures were first mentioned in 2023, when Biden called for more crypto taxes. Now, the Department wants to impose a special tax on “any company that uses computing resources… to mine digital assets” of 30 % of the electricity costs used for mining.

If the proposal is approved, crypto miners will be required to “declare the amount and type of electricity used, as well as the cost, when acquired externally.”

The measure would apply even to miners who rent equipment, who must present the electricity values. On the other hand, companies that use off-grid energy must pay 30 % of the estimated cost.

Last year, when the President of the United States made the proposal for the first time, he indicated that despite being virtual, the energy consumption linked to these massively produced currencies is real, involves costs, and those involved must pay them.

The Treasury also addresses the issue of security with respect to cryptocurrencies, which is why it proposes that money laundering rules be applied to them.

M.Pino

Source: cripto247

(Reference image source: Traxer on Unsplash)

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La entrada New taxes on cryptocurrencies to be implemented by the US Treasury Department apareció primero en Bitfinance.

California Governor Gavin Newsom signed a bill to regulate cryptocurrency operations, which will come into effect in 2025.

According to information in a press release on Friday, the legal tool “will force cryptocurrency companies to comply with licensing requirements, maintain financial records, and provide regulators with the authority to conduct audits,” among others.

In the announcement, Newsom referred to the bill titled “Digital Financial Assets Law” that will establish the rules to which both individuals and companies must submit, in addition to “obtaining a license from the Department of Financial Protection and Innovation (DFPI) to carry out commercial activities with digital assets.”

The regulation of transactions with these digital assets in California will come into effect, according to the statement, on July 1, 2025. From that moment on, companies and people in the cryptocurrency trading market will be subject to “strict requirements”, auditing of crypto companies, as well as forcing them to comply with registration requirements.”

For five years after the start of operations, the licensee must maintain specific records, such as the accounting book with monthly records of all “assets, liabilities, capital, income and expenses.”

It is important to note that crypto transaction regulations in the United States seek to protect people from crimes such as hacking and unauthorized transfers.

M.Pino

Source: cointelegraph

(Reference image source: Ewan Kennedy, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada California passes bill to regulate cryptocurrencies apareció primero en Bitfinance.